Advancements in networking technologies have brought significant changes in the financial services industry. With constant evolution in data processing systems facilitated by technical advancements in computer systems and networking technologies, financial institutions such as, banks, ecommerce vendors etc., are able to provide real-time processing of various financial and non-financial transactions related to financial services.
The transactions are generally initiated at a Point of Sales (POS) such as an Automated Teller Machine (ATM), an ecommerce site etc. Thereafter, a transaction processing request is generated and forwarded to a dedicated transaction processing server via a network. The transaction processing server typically interacts with a repository maintained by the financial institution for processing the transactions. The repository stores customer information such as, name, account number, balance amount, transaction history etc. When a request is initiated, the server accesses the customer, information from the repository for processing the request. Real-time transactions are enabled by employing multiple servers and monitoring these servers. Various technologies assist in monitoring the servers by providing alerts to system managers, as and when faults are detected, which enables them in the provisioning of real-time transactions.
The abovementioned methodology, however, suffers from various disadvantages. The service availability depends primarily on the availability of the server and the network link between the POS and the transaction processing server. Further, usage of multiple servers leads to data redundancy, which in turn results in escalation of infrastructure costs. In addition, the processing of transactions remains subject to the availability of the network link between the POS and the servers. Further, the technologies that provide alerts to system managers fail to provide efficient means for processing transactions in the event of such failures.
Consequently, there is a need for an efficient system and method for facilitating non-interruptive transactions. Further, the system should enable efficient real-time processing of transactions. In addition, the system should enable optimal distribution of data for facilitating transactions.